The crash in oil prices has led to huge cuts in investment in spending on new exploration and production.» Read More
Oct 31- A surge in refining profits boosted quarterly results at Exxon Mobil Corp and Chevron Corp, helping to offset declining oil and gas production and falling crude oil prices. "Exxon Mobil's quarterly results demonstrate the strength of our integrated business model," Chief Executive Officer Rex Tillerson said in a statement after his company posted...
Oct 30- ConocoPhillips, the largest U.S. independent oil and gas company, on Thursday reported higher third-quarter profit after the sale of its Nigerian unit and said overall spending would decline next year, partly in response to falling crude oil prices. Crude traded in New York fell to a more than two-year low on Monday at $79.44 a barrel but recovered a bit to...
Concerns about slowing growth in Europe and a stronger dollar have helped push the price of light crude oil down about 25 percent since June to about $82 a barrel, creeping closer to the average marginal cost of crude production of about $73 a barrel for U.S. onshore work, according to a research note from Baird Equity Research. "The market is selling all of these...
LONDON, Oct 30- According to many commentators, cheap natural gas is producing a renaissance in U.S. manufacturing and putting European competitors at a disadvantage. But empirical studies show the impact has been small and concentrated in a handful of energy-intensive industries that account for only a small share of manufacturing value-added.
Oct 29- Oil and gas producer Hess Corp posted a better-than-expected quarterly profit on Wednesday as production jumped and costs fell in North Dakota's booming Bakken shale formation. The company, which also produces oil in Norway, Ohio and the U.S. Net income surged to $1 billion, or $3.31 per share, in the third quarter from $420 million, or $1.23 per share, in the...
Oct 29- Oil and gas producer Hess Corp posted a better-than-expected quarterly profit on Wednesday as production jumped in North Dakota's Bakken shale formation. Net income surged to $1 billion, or $3.31 per share, in the third quarter from $420 million, or $1.23 per share, in the year-ago period. Production in North Dakota jumped 21 percent to 86,000 boe/d.
The recent drop in oil prices may soon take a big bite out of tax revenues in states that are big energy producers.
With the raging levels of oil production in the United States, Cramer shares his concerns about lack of legal infrastructure and storage of the oil.
Lifting the 1970s ban on crude exports would go a long way to reducing energy prices and increasing jobs in the U.S., the CEO of Hess tells CNBC.
The U.S. energy renaissance's effects are being felt broadly, said the industry's main trade group.
As regulators crack down on natural gas flaring in North Dakota, energy companies are scrambling to meet the rules.
Tensions are mounting between ranchers and farmers, and the oil and gas industry, reports CNBC's Morgan Brennan.
As the U.S. muscles its way back into the very top echelon of global oil and gas production, Alaska is being left in the dust.
Big mergers are afoot. But is a major shale oil deal a sign of a strong market?
Whiting Petroleum said it would acquire Kodiak Oil& Gas for $3.8 billion, becoming the largest producer in North Dakota's Bakken shale play.
States are still seeing low levels of job growth despite the recovery. A weak housing and manufacturing sector has stymied employment.
States are collaborating to create hubs of excellence in a myriad of industries—from food to water tech—to develop homegrown business.
Nearly a decade of dizzying growth is starting to unsettle North Dakota. The education system is lagging and the state still trails in tech.
The recovery is taking hold. Companies are hiring. State finances are looking up. Time for things to get nasty as states vie for business.
Want to pay minimum wage? Might as well hang up an "Out of Business" sign in this energy-rich pocket of the U.S.